St. Lucia's Financial Services Sector

Contact: Janelle Charles

May 22, 1999 - A suite of legislation which will pave the way for the operation of St. Lucia's Financial Services Sector is currently under scrutiny.

Marcus Killick - a London based consultant - is assisting St. Lucia to put in place regulations that will guide the operation of that sector. The legislation is expected to be in place by year end.

Minister for International Financial Service Hon. Philip J. Pierre says government is seeking to ensure that when the sector comes into operation it will be one of the highest integrity.

Transparency is being viewed as a vital component of that sector.

Government is promoting the Financial Services Sector as part of efforts to diversify the local economy. Representatives from the public and private sectors and a number of experienced international players on the international financial services circuit converged on the Royal St. Lucian Hotel to examine the challenges and opportunities the financial services sector can present to St. Lucia.

Director of the local Financial Services sector Ingrid Bullard is warning that the island must approach the introduction of that sector with great caution.

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